Dubai now sole owner of luxury resort Atlantis The Palm: Report

Dubai ,
Sun, 29 Apr 2012ANI

Dubai, Apr 29 (Xinhua-ANI) Kerzner International Holdings, the founder and part-owner of one of Dubai's largest luxury hotels Atlantis The Palm sold his remaining 50 percent stake in the resort for 250 million U. S. dollars to co-owner Istithmar World, an investment vehicle owned by the government of Dubai, Khaleej Times reported Sunday.

The deal followed financial difficulties which the owner of Kerzner Holdings, Solomon Kerzner, faced in the wake of the financial crisis. As part of Kerzner's debt restructuring he sold his remaining 50 percent stake in the 1537 rooms-comprising Atlantis Hotel on the man-made island Palm Jumeirat to Istithmar World.

The Atlantis hotel was opened in November 2008, shortly after the fall of Lehamn Brothers, which triggered the global financial crisis. According to the Atlantis hotel management, the resort saw a rebound in guests end of 2010, and occupancy currently exceeds 90 percent. (Xinhua-ANI)